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Problem 1 Accounting for Income Taxes 1. (18 points) Apple Blossom Corp. purchase a machine for $60,000 in January 2021. For financial reporting Apple uses straight-line depreciation over a four-year period, while for tax purposes, the deduction is 50%of cost in 2021, 40% in 2022, and 10% in 2023. Pretax accounting income for 2021 was $220,000, which includes interest revenue of $25,000 from municipal bonds. The enacted tax rate is 40%for 2021 and 2022 and 30% for the years after 2022. There are no other differences between accounting and taxable income. Required: 1. Prepare a journal entry to record income taxes for the year 2021. Show well- labeled computations for the amount of income tax payable and the change in the deferred tax account, 2. What is Apple Blossom's 2021 net income